Disclaimer

The corresponding material has been prepared by an institutional trader, sales person or desk analyst of Robert W. Baird & Co. Incorporated and not by Baird's Research Department. The material is intended for institutional investors only and is provided for their informational purposes only and is not an offer, recommendation or solicitation to buy or sell any of the securities mentioned above. The material does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation. It is not substantive research or analysis and does not provide information reasonably sufficient upon which to base an investment decision. Investors should independently evaluate particular investments and strategies. The material is merely intended to provide the personal observations or views of individual traders, sales personnel, or desk analysts which may be different from or inconsistent with the observations and views of Baird's research analysts, other Baird institutional traders, sales personnel or desk analysts or the proprietary positions held by Baird. The accuracy of the corresponding information has not been verified or confirmed; accordingly, no representation or warranty, expressed or otherwise, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or timeliness of the information. The observations or views expressed in the material may be changed by the trader, sales person or desk analyst at any time without notice. The material may have previously been communicated to Baird's trading desk or other Baird clients. You should assume that Baird makes markets and/or currently maintains positions in any of the securities mentioned in the material. In addition, the institutional trader providing his observations or views on such securities may be personally responsible for making a market in such securities or in buying or selling such securities for Baird's proprietary accounts, thus presenting a direct conflict of interest in potentially motivating the trader to provide his observations and views on a particular security in order to support the firm's trading position or strategy. Baird may also provide services or solicit business from, or participate or invest in transactions with, or effect transactions for the issuers of the securities mentioned in the material. Not all Baird clients will receive this or other similar material. The level and types of services and materials that Baird provides to clients may vary depending on various factors such as client preference, client need, client investment focus and perspective, and the size and scope of the client relationship with Baird.

Options, swaps and other derivative transactions are not suitable for all investors. This brief statement does not disclose all of the risks and other significant aspects of entering into any particular transaction. Prior to undertaking any trade, you should discuss with your professional tax, ERISA, legal, accounting, regulatory or other adviser how such particular trade(s) may affect you. Please ensure that you have read and understood the current options risk disclosure document before entering into any options transactions. Supporting documentation is available upon request. The options risk disclosure document is provided upon the opening of an account with Robert W. Baird & Co., Inc. or with subsequent account updates and can be accessed at the following web address: http://optionsclearing.com/about/publications/character-risks.jsp. If this link is inaccessible, please contact your representative.

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